BitPay Exceeds 1,000 Merchants Accepting Bitcoin

ORLANDO, Fla.--(BUSINESS WIRE)--BitPay,
Inc., the world leader in bitcoin business solutions, announces it
has over 1,000 businesses using its service to accept bitcoin digital
currency for purchases.

“The sheer volume of new merchants has started to explode over the last
month as more businesses begin to see the value in accepting bitcoin
payments," says Anthony Gallippi, co-founder and CEO of BitPay. "By
accepting bitcoin, a business can receive a payment from any country,
instantly, with no risk of fraud. No other payment technology can offer
this level of functionality.”

The majority of BitPay's merchants are in the United States, followed by
the U.K., Canada, Australia, and Finland. Businesses in a total of 98
countries use BitPay to process bitcoin payments. Most of the
bitcoin-accepting merchants are eCommerce businesses, offering services
ideal for virtual currency payments such as web hosting, domain
registration, VPN services, and digital downloads.

In just three weeks after launching the new BitPay.com
website, the number of approved merchants using BitPay has jumped by
30%. BitPay enables merchants to accept bitcoins as a form of payment,
just as easily they accept other methods of payment. Merchants have zero
volatility risk of holding bitcoins if they choose a bank direct deposit.

The 1,000th merchant is the Bitcoin Store, which sells over
500,000 consumer electronics items.

“Because we accept bitcoin, we reduce our costs and risks of accepting
internet payments, so our site is able to offer the same products for
about 1-2% cheaper than our competition,” says Roger Ver, CEO of the
Bitcoin Store.

Bitcoin is a new financial technology, invented in 2009 as the first
peer-to-peer digital currency. Using bitcoin, it is possible to send
money like an email - to anyone, anytime, anywhere - without going
through any bank or government or corporation.

Bitcoin is ideal for internet payments, because it solves the risk of
card-not-present credit card fraud. Credit card fraud costs businesses $100
BillionperyearaccordingtoaLexisNexusstudy,
and 95% occurs in situations where the card is not present. Bitcoin
eliminates the risk of fraud in collecting internet payments. BitPay
makes it easy for businesses to accept bitcoin.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce,
B2B, and enterprise solutions for virtual currencies. As the world
leader in bitcoin payment processing, BitPay offers easy tools to accept
bitcoin payments online or in person, with the option to receive the
funds as a bank direct deposit. Founded in May 2011, BitPay is
headquartered in Orlando. Visit https://bitpay.com